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Renew Europe welcomes the inter-institutional agreement reached today between the European Parliament and the Council of the European Union. Economic Governance Review (EGR). The final compromise enables a modernized economic governance framework following the extraordinary suspension of EU fiscal rules in 2020, giving member states a better plan to deal with the aftermath of the pandemic, the war in Ukraine and the ongoing conflict. You can get great budget flexibility. In the Middle East.
Ahead of the re-launch of the Stability and Growth Pact in 2024, the Renew Europe negotiating team has ensured that a new framework is put in place that can be tailored to the different needs of Member States. This framework addresses the need to ensure effective debt reduction and to foster the strategic investments necessary for the EU to become a truly competitive geopolitical player in an increasingly unstable world. Strikes the right balance between sufficient flexibility.
Member of Parliament Billy Kelleher (Fianna Fail, Ireland)Renew Europe’s shadow rapporteur on EGR said:
“Achieving this agreement will prevent a return to the rigid frameworks of the past. The last few years have been turbulent and taxing on the economy. This framework will ensure that member states take the necessary steps. “We have the flexibility to invest in our future and the tools we need to address the climate-related challenges we face.” I am. ”
Our political group is generally satisfied with the final compromise agreement agreed to by our co-legislators, as it includes important policies that we have been advocating for for months. The new framework will therefore address existing investment gaps within the EU by providing sufficient fiscal space for strategic public spending that will help strengthen the EU single market and realize the twin transitions. It turns out. This will be combined with safeguards to ensure effective and sustainable debt reduction without hampering growth.
Furthermore, thanks to the fruitful negotiations by Renew Europe, national ownership and the accountability of an independent fiscal institution are combined, and the European Fiscal Commission is provided with an appropriate framework to carry out its work. become.
Finally, beyond the oversight role played by the European Commission and independent national authorities, Renew Europe will strengthen democratic oversight and ensure improved economic governance, with the European Parliament playing a more important role. Successful.
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